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VALLEY RESOURCES, INC. ANNOUNCES EARNINGS

 CUMBERLAND, R.I., Sept. 29 /PRNewswire/ -- Valley Resources, Inc. (AMEX: VR) today announced that earnings per share for fiscal year ended Aug. 31, 1993 were $3,727,000 or 89 cents per share as compared with $3,114,600 or 74 cents per share last year. The 20 percent improvement in net income was the direct result of increased utility, propane and wholesale distribution earnings. Weather was 7 percent colder than last year but 1 percent warmer than a normal year.
 Net loss for the fourth quarter of fiscal 1993 was $904,400 or 21 cents per share as compared with $489,700 or 12 cents per share last year. Earnings for the fourth quarter are traditionally a loss, being adversely effected by a low level of sales in the utility operations of the corporation due to the lack of heating related sales. Additionally, in the fourth quarter of fiscal 1993, the utility operations adjusted its reserve for bad debts to reflect the impact of the recession on its accounts receivable.
 In reflecting on the fiscal year, Charles H. Goss, chairman, president and chief executive officer said, "Valley Resources is in excellent financial and operating condition despite the current economic recession. Valley is working to improve the area's long-term economic health with emphasis on retaining as well as attracting new industry."
 Valley Resources, Inc. is a Rhode Island holding company with seven wholly-owned subsidiaries: Valley Gas Company and Bristol & Warren Gas Company, regulated natural gas distribution companies; Valley Appliance and Merchandising Company (VAMCO), a merchandising, appliance, rental, sales and service company; Valley Propane, Inc. and The New England Gas Company, retail propane gas sales and service companies; Rhode Island Development and Exploration Company (RIDEC), an inactive company; and Morris Merchants, Inc. d/b/a The Walter F. Morris Company, a wholesale distributor of franchised lines.
 VALLEY RESOURCES, INC.
 Selected Financial Information
 (in thousands, except as to share and per shared data)
 3 months 12 months
 ended ended
 Aug. 31 Aug. 31
 1993 1992 1993 1992
 Operating
 revenues $11,907 $11,376 $77,262 $67,144
 Operating expenses:
 Cost of Gas sold 4,163 4,083 34,112 29,538
 Operations 7,082 6,379 27,791 25,056
 Maintenance 390 393 1,497 1,369
 Depreciation 645 453 2,305 1,770
 Taxes-other 845 800 4,073 3,557
 -federal income (946) (758) 1,400 955
 Total 12,179 11,350 71,178 62,245
 Operating income (272) 26 6,084 4,899
 Other income-net 95 78 253 267
 Interest charges (727) (594) (2,610) (2,051)
 Net income ($904) ($490) $3,727 $3,115
 Shares outstanding-
 average 4,213,043 4,213,043 4,203,398 4,201,105
 Earnings per share (21 cents)(12 cents) 89 cents 74 cents
 -0- 9/29/93
 /CONTACT: K.W. Hogan of Valley Resources, 401-333-1595/
 (VR)


CO: Valley Resources, Inc. ST: Rhode Island IN: UTI OIL SU: ERN

CM-JL -- NE005 -- 6758 09/29/93 11:02 EDT
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Publication:PR Newswire
Date:Sep 29, 1993
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